Registration number:
Induction Technology Group Limited
for the Year Ended 31 July 2025
Induction Technology Group Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Induction Technology Group Limited
Company Information
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Directors |
Mr Darren McDermott Mr Iain Muir Mr Jonathan Douglas Mr Jevon Thurston-Thorpe |
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Registered office |
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Auditors |
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Induction Technology Group Limited
(Registration number: 02092347)
Statement of Financial Position as at 31 July 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
200,000 |
200,000 |
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Revaluation reserve |
1,659,365 |
1,860,500 |
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Retained earnings |
735,414 |
860,795 |
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Shareholders' funds |
2,594,779 |
2,921,295 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Induction Technology Group Limited
(Registration number: 02092347)
Statement of Financial Position as at 31 July 2025
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Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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2 |
Accounting policies (continued) |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Reclassification of comparative amounts
The financial impact of this increased expenditure by £150,851.
The effect on reserves at the year end was a decrease of £150,851.
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
10% - 33% straight line and 25% reducing balance |
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Furniture and Fixtures |
10% - 33% straight line |
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Computer equipment |
25% reducing balance |
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Motor Vehicles |
25% straight line |
Intangible assets
Development costs and intellectual property are initially recognised at cost.
The company holds development costs and intellectual property that were revalued in prior accounting periods. The revalued amount is treated as the asset's deemed carrying value and is carried less subsequent accumulated amortisation and impairment losses. The associated revaluation reserve is maintained within equity and realised through retained earnings as the asset is consumed or upon disposal.
Subsequent expenditure is capitalised only when it enhances the future economic benefits expected to be derived from the related asset beyond its originally assessed standard of performance.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life deemed to be 10 years.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and or on deposit.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Intangible assets |
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Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 August 2024 |
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At 31 July 2025 |
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Amortisation |
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At 1 August 2024 |
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Amortisation charge |
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At 31 July 2025 |
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Carrying amount |
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At 31 July 2025 |
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At 31 July 2024 |
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Intangible assets carried at revalued amounts
Development costs and intellectual property were valued on an open market basis on 29 October 2023 by Barker Brettell LLP. These have been treated as one single intangible asset and are amortised on a straight-line basis over their estimated useful economic life.
The original cost for these assets is not available.
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2024 |
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Additions |
- |
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At 31 July 2025 |
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Depreciation |
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At 1 August 2024 |
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Charge for the year |
- |
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At 31 July 2025 |
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Carrying amount |
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At 31 July 2025 |
- |
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At 31 July 2024 |
- |
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Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings.
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Stocks |
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2025 |
2024 |
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Other inventories |
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Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Debtors |
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Current |
Note |
2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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200,000 |
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200,000 |
Induction Technology Group Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Retained earnings |
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Surplus/deficit on revaluation of other assets |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Retained earnings |
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Surplus/deficit on revaluation of other assets |
( |
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Related party transactions |
Summary of transactions with other related parties
Due to;
J E Engineering Ltd - £357,990 (2024: £357,990)
Due by:
The Recruitment Bunker Ltd: £15,986 (2024: £15,986)
DRVN Automotive Ltd £63,345 (2024: £Nil)
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House, Crown Way, CARDIFF, CF14 3UZ.